(TheNewswire)
TORONTO, CANADA – TheNewswire - (May 27, 2022) – ONEnergy Inc. (“ONEnergy” or the "Company”) (NEX:OEG.H), todayannounced that it has filed its financial results as at and for thethree-month period ended March 31, 2022, and provides a corporateupdate.
Financial results
For the three-month period ended March 31, 2022, totalcomprehensive loss was $93,000 compared to total comprehensive loss of$384,000, during same period in 2021.
Total comprehensive loss for the three-month periodended March 31, 2022 includes a gain of $209,000 on the derecognitionof certain net liabilities of the Company’s wholly-owned subsidiary,Sunwave Gas & Power Inc. ( “ Sunwave Canada”), as a result of Sunwave Canada’sassignment into bankruptcy on February 23, 2022. On April 22, 2022Sunwave Canada filed a petition under chapter 15 of title 11 of theUnited States Code to have the assignment into bankruptcy in Canadarecognized in the United States (“Sunwave Chapter 15 Filing”). Sunwave Canada’s U.S. liabilities include a note payable (the “C Wave Note”) of $937,000(U.S.$747,000) due to C Wave Power & Gas Inc.(“CWave”).
For further information on the financial results of theCompany, please review the Company’s unaudited interim condensedconsolidated financial statements and management’s discussion andanalysis of financial condition and results of operations for thethree-month period ended March 31, 2022, available under theCompany’s profile on www.sedar.com .
On March 2, 2022, CWave filed a Motion for SummaryJudgment in Lieu of Complaint (the “Motion”) with the SupremeCourt of the State of New York (the “Court”) against ONEnergy andSunwave Canada (collectively the “Defendants”). The Motion seeks asummary judgment against the Defendants for U.S.$747,000 plus interestand reasonable costs until the judgment is paid. On May 10, 2022,the Defendants responded to the Motion with a Cross-Motion seekingdismissal of the Motion against ONEnergy, and an opposition of theMotion against Sunwave Canada. CWave has until May 27, 2022 torespond to the Defendants’ Cross-Motion and opposition .
Non-convertible debt financing
Between April 28, 2022 and May 27, 2022, Stephen J.J.Letwin, a director and Chairman of the Board of Directors, provided anadvance under a grid promissory note to the Company of $40,000. This note is not convertibleinto securities of the Company, is unsecured, bears an annual interestrate at 10%, and is due on demand.
About ONEnergy Inc.
ONEnergy common shares are listed on the NEX board ofthe TSX Venture Exchange under the symbol “OEG.H”. Materialinformation about ONEnergy can be found on SEDAR under the Company’sissuer profile at www.sedar.com . ONEnergy'scorporate website may be found at www.onenergyinc.com .
For additional information pleasecontact:
Ray de Ocampo, Chief Financial Officer,irinfo@onenergyinc.com, +1 (647) 253-2534
This news release contains certain"forward-looking information" and "forward-lookingstatements" (collectively "forward-looking statements")within the meaning of applicable securities legislation. Allstatements, other than statements of historical fact, included herein,without limitation, statements relating the future operating orfinancial performance of the Company, are forward-looking statements. Although the Company believes that the expectations reflected inthese forward-looking statements are reasonable, undue reliance shouldnot be placed on them as actual results may differ materially from theforward-looking statements and there can be no assurance that suchexpectations will prove to be correct. The forward-looking statementscontained in this news release are made as of the date hereof, and theCompany undertakes no obligation to update publicly or revise anyforward looking statements or information, whether as a result of newinformation, future events or otherwise, except a required byapplicable securities laws. The forward-looking statements containedin this news release are expressly qualified by this cautionarystatement.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
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